Witkoff and Ashner claim NY REIT blew off potential suitor Activist shareholders take aim at struggling office REIT in latest open letter to board
The drama over struggling real estate investment trust New York REIT continues with yet another shareholder letter to the board – this time from investors Michael Ashner and Steve Witkoff, who claim the company has shown “a clear disdain of duty and ugly discourtesy to potential suitors” interested in buying or merging with New York REIT.
On Wednesday, Ashner and Witkoff’s WW Investors shared a letter sent to the New York REIT board of directors detailing how, as part of the REIT’s ongo上海千花社区 ing “strategic review process,” Ashner had contacted an unnamed “publicly traded company” that was “enthusiastic about the opportunity to revisit an acquisition of NYRT.”
But overtures from the unnamed party were met with silence from New York REIT, according to the letter. After the company sent a proposal to the REIT’s board “on or about May 4” and set a deadl上海夜网论坛 ine for a response one week later, New York REIT allowed the deadline to pass “with no response” to the interested party.
“When I say ‘no response,’ I mean not a counter offer, not a suggestion to meet, not a blow off letter, not even [a] telephone call,” Ashner wrote in the letter . “Nada. Nothing. In my 20 years of personal involvement in public companies, I cannot recall such an egregious disregard of process, nay simple courtesy.”
Ashner declined to comment on the letter, beyond o[……]